CMHC defends mortgage stress test changes amid calls for loosening rules – The Pipestone Flyer

CMHC defends mortgage stress test changes amid calls for loosening rules aleksandra Sagan , The Canadian Press Published Thursday, May 23, 2019 7:06PM EDT

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So, whether or not you agree with the OSFI’s new housing regulations, the mortgage stress test will soon be a mandatory trial that all potential homeowners and those switching lenders must endure. If you’re applying for a high-ratio mortgage, you may have recently had to take the stress test.

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CMHC says new mortgage rules are shrinking the size of the insured housing market. Canada Mortgage and Housing Corp., the crown corporation that is the largest mortgage default insurer in the country, is paying Ottawa a $240 million dividend.

The CEO of Canada Mortgage and Housing Corporation is forcefully defending mortgage stress test rules and warning federal policy-makers to hold the line amid calls for softening the measure from.

OSFI Unveils New Stress-Test Rules. Canada’s banking regulator today unveiled the final changes to its mortgage underwriting standards-Guideline B-20-that will further tighten lending standards and affect borrowers and lenders alike. The most wide-reaching change announced by the Office of the Superintendent of Financial Institutions (OSFI).

Latest report continues a trend from first quarter after Ottawa introduced stricter ‘stress test’ rules for borrowers. cmhc insurance volumes sink further as a result of new mortgage rules.

CMHC mortgage loan insurance takes into account your closing costs when calculating the amount of financing that they will insure you to carry. Land transfer fees, legal costs and other fees can run between 2 and 4 percent of the purchase price of the home and are often due at closing.

The Canada Mortgage and Housing Corporation is defending the mortgage stress test amid calls for the measure to be changed. CMHC president Evan Siddall says in a letter to the parliamentary.

Lifting the hunting ban comes amid growing conflicts between humans – particularly farmers – and elephants, the government’s statement said. It said hunting will resume "in an orderly and ethical manner" but does not say how it will be regulated.

New guidelines that will soon require uninsured borrowers to undergo a financial ‘stress test’ before securing a mortgage have – as one Ottawa realtor puts it – kicked the pursuit of a home.